米什金ch10

ቤተ መጻሕፍቲ ባይዱ
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10.2.2 Response to Change in Supply
Major change is improvement in computer technology 1. Increases ability to collect information 2. Lowers transaction costs Examples: 1. Bank credit and debit cards 2. Electronic banking facilities ATM, home banking, virtual bank
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10.5 Separation of Banking and Other Financial Service Industries
Erosion of Glass-Steagall Fed, OCC, FDIC, allow banks to engage in underwriting activities Gramm-Leach-Bliley Financial Modernisation Services Act of 1999: Repeal of Glass-Steagall
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10.2.3 Avoidance of Existing Regulations
Regulations Behind Financial Innovation 1. Reserve requirements Tax on deposits = i r 2. Deposit-rate ceilings (Reg Q) As i , loophole mine to escape reserve requirement tax and deposit-rate ceilings
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The Decline in Banks as a Source of Finance
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10.2.4 Decline in Traditional Banking
1. Loss of Cost Advantages in Acquiring Funds (Liabilities) i then disintermediation because 1. Deposit rate ceilings and regulation Q 2. Money market mutual funds 3. Foreign banks have cheaper source of funds: Japanese banks can tap large savings pool
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旧中国商业银行的出现与发展
• 1845年——丽如银行 • 1897年——通商银行 • 1904年——户部银行
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10.2 Financial Innovation
A change in the financial environment will stimulate a search for innovations that are likely to be profitable. 10.2.1 Response to Changes in Demand
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• 4.城市商业银行： • 被称为中国银行业的“第三梯队”。 2010年我国共有147家城市 商业银行。 • 我国的城市商业银行来源于原城市信用社的股份制改造，是在原 城市信用合作社的基础上，由地方政府、城市企业和居民投资入 股组建的地方性股份制商业银行。 • 5. 农村商业银行： • 起源于农村信用合作社，普遍建立于50年代，是农村集体金融组 织，但后来丧失了原有的合作性质。 • 04－06年的改革后，共有19348家，总资产占比7.9％。 • 2010年，经过改组，农村商业银行85家，农村合作银行223家， 农村信用社2,646家。 • 6. 外资银行 • 截至2010年底，45个国家和地区的185家银行在华设立216家代 表处。14个国家和地区的银行在华设立37家外商独资银行（下设 223家分行）、2家合资银行（下设6家分行，1家附属机构）、1 家外商独资财务公司。另有25个国家和地区的74家外国银行在华 设立90家分行
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3. Junk bonds 4. Commercial paper market 5. Securitization The process of transforming otherwise illiquid financial assets into marketable capital market securities.
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Examples 1. Money market mutual funds 2. Sweep accounts Any balances above a certain amount in a corporation’s checking account at the end of a business day are “swept out” of the account and invested in overnight securities.
Very anticompetitive
Response to Branching Restrictions 1. Bank Holding Companies
A. Allowed purchases of banks outside state B. BHCs allowed wider scope of activities by Fed C. BHCs dominant form of corporate structure for banks
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10.3 Structure of the Commercial Banking Industry
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Ten Largest U.S. Banks
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中国的银行业体系
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1.政策性银行 在从事业务活动中，均贯彻不与商业性金融机构竞争、 自主经营与保本微利的基本原则。 共有三家：国家开发银行、中国进出口银行、 中国农 业发展银行 2国有商业银行：国有商业银行是从计划体制下的 统一的只有一家银行的体系演化而来的。共有五家， 均已上市。 中国工商银行、中国农业银行、 中国银行、 中 国建设银行、交通银行 3.股份制商业银行 1986年开始，陆续建立了12家，包括光大、招商、深 发展、广发、浦发、兴业、中信、民生、华夏、恒丰、 浙商、渤海。其中有的已经上市。
2. Automated Teller Machines
Not considered to be branch of bank, so networks allowed
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Bank Consolidation and Number of Banks
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10.4 Bank Consolidation and Nationwide Banking
Chapter 10
Banking Industry: Structure and Competition
10.1 Historical Development of the Banking Industry
Outcome: Multiple Regulatory Agencies 1. Federal Reserve 2. FDIC 3. Office of the Comptroller of the Currency 4. State Banking Authorities
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10.4 Bank Consolidation and Nationwide Banking
Bank Consolidation: A Good Thing? Cons: 1. Fear of decline of small banks and small business lending 2. Rush to consolidation may increase risk taking Pros: 1. Community banks will survive 2. Increase competition 3. Increased diversification of bank loan portfolios: lessens likelihood of failures
Major change is huge increase in interest-rate risk starting in 1960s 1. Adjustable-rate mortgage The interest rate changes when a market interest rate changes. Since 1975. 2. Financial Derivatives Since 1975.
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2. Loss of Income Advantages on Uses of Funds (Assets)
1. Easier to use securities markets to raise funds: commercial paper, junk bonds, securitization 2. Finance companies more important because easier for them to raise funds
Bank Consolidation: Why? 1. Branching restrictions weakened 2. Development of super-regional banks Riegle-Neal Act of 1994 1. Allows full interstate branching 2. Promotes further consolidation